Money Management Articles

Budgeting

College and taxes: MNCPA outlines the importance of determining who takes the dependency deduction -- parent or student? - 11/2/2014
If you or a member of your household is a college student or returned to school for additional training in the past year, there are important tax considerations to discuss with your CPA as you organize your state and federal income tax return information for 2014, advises the Minnesota Society of Certified Public Accountants (MNCPA).

Are you ready for Black Friday, Cyber Monday and new credit cards with chips? - 11/2/2014
If you are like many holiday shoppers, Black Friday and Cyber Monday may be when you buy your gifts. According to the National Retail Federation, U.S. Black Friday retail sales for 2013 totaled $57 billion, down from $59 billion in 2012. For 2013, this averaged to $407 per person in spending.

How to handle an unexpected job loss - 9/30/2014
Nowadays, when it comes to longevity within the workplace, nothing is guaranteed. How do you prepare if faced with an unexpected job loss? What is your plan B? Consider these five tips for preparing and coping with your financial loss.

Don't make these common IRA mistakes! - 9/15/2014
About 40 percent of U.S. households -- nearly 50 million -- own individual retirement accounts, which provide tax-advantaged options for saving for your retirement years. The Minnesota Society of CPAs (MNCPA) offers the following tips on how to avoid some common mistakes people make when managing IRAs.

Five disaster planning steps for small businesses - 9/15/2014
Could your business bounce back if a disaster occurred? A minimum of 25 percent of small to midsize businesses that close temporarily due to a natural or other disaster ultimately never open their doors again, according to the Institute for Business and Home Safety. It is possible to weather any type of business interruption, however, only if you're properly prepared.

Year-end tax planning for 2014 - 9/3/2014
Where has the time gone? We are approaching the final months of 2014, but, before you start thinking about holiday shopping, consider year-end tax planning and preparation. With proper tax planning, you can maximize your potential tax savings and minimize your tax liability.

Medical coverage while traveling overseas - 9/3/2014
While the summer vacation season has passed, thousands of people travel overseas each day for business, school or pleasure. However, few consider that their medical insurance coverage might be less than expected or, even worse, nonexistent.

Financing a return to college - 8/17/2014
You’ve advanced on the job, but you think that finishing or enhancing your college degree would help you go further.

Financial fitness advice for freshmen - 8/17/2014
As you get ready to go away to college for the first time, this is a good time to expand your knowledge of day-to-day money management, including smart budgeting and debt management steps.

9 ways to trim your back-to-school budget - 8/7/2014
The National Retail Federation predicts combined spending for back to school and college is expected to reach $74.9 billion, or $669.28 per family on apparel, shoes, supplies and electronics, an increase of 5 percent from last year.

Your midyear financial tune up - 6/30/2014
Did you start the beginning of the year by making smart resolutions to get your finances in order? Now that the year is half over, it's a good time to check in and see how you're doing.

Tips for starting a small business - 6/30/2014
The 23 million small businesses in this country are responsible for 54 percent of all U.S. sales, according to the U.S. Small Business Administration (SBA). Do you ever dream of launching your own company? If you do, the Minnesota Society of CPAs offers this advice to help you get off on the right foot.

Save money on your vacation - 6/1/2014
Are you planning to take a family vacation this summer? If so, it could become a pricey proposition.

Five ways to save on moving costs - 5/1/2014
About 36 million people, or 11.7 percent of Americans, moved between 2012 and 2013, according to the U.S. Census Bureau. If you're in the process of moving, you're probably juggling a lot of tasks, including worrying about the potentially high costs.

Keeping a lid on wedding costs - 5/1/2014
Can you have a memorable wedding day without breaking the bank? Absolutely. Even though the average wedding costs nearly $30,000, according to TheKnot.com, many happy couples have joyous celebrations for far less money.

Five ways to set yourself up for a secure retirement - 4/16/2014
Approximately 10,000 baby boomers will turn 65 every day until around 2030. If you're part of that group, or if you're planning ahead for a comfortable retirement, the Minnesota Society of Certified Public Accountants (MNCPA) offers this advice for securing your financial future.

Most common tax mistakes, overlooked tax opportunities - 4/16/2014
Each year, according to the IRS, millions of taxpayers make mathematical errors on their individual tax returns and miss opportunities to take deductions.

Putting miscellaneous deductions to work - 3/31/2014
Now that you're just about ready to file your tax return, are you sure you claimed all the deductions that you're due? Most Americans know that they can deduct items such as charitable donations, mortgage interest and property taxes.

Minnesota's new gift tax sparks questions for taxpayers - 3/17/2014
As part of a campaign to educate taxpayers on confusing, challenging and emerging tax issues, the Minnesota Society of Certified Public Accountants (MNCPA) offers filers important reminders and considerations related to Minnesota's new state gift tax.

Five tax tips for the unemployed - 3/17/2014
If you find yourself out of work, taxes may be the last thing you want to think about; but it's important to continue your tax and other financial planning, even when you're unemployed.

Do's and don'ts for paying your tax bill - 3/3/2014
About three-quarters of individual taxpayers received refunds last year, according to Internal Revenue Service statistics. However, many people find that they do owe taxes when April 15 comes around. If you fall into that group, the Minnesota Society of CPAs (MNCPA) offers these recommendations on the best way to settle your bill.

MNCPA issues list of strange and unusual tax deductions - 2/17/2014
The Minnesota Society of Certified Public Accountants (MNCPA) recently conducted its annual CPA member survey about the most strange and unusual tax deductions proposed by clients. Responses included everything from pets and wedding rings to gifts not given.

What you should know about taxes and Social Security benefits - 2/3/2014
Will your tax bill this year include taxes on your Social Security benefits? About 55 million people receive monthly Social Security payments and some of them pay taxes on up to 85 percent of those benefits, depending on their financial situation.

Five steps to achieving your financial goals - 1/14/2014
What do you want to do now, or next year, or five or 10 years down the road? This is the time of year when people step back and consider where they stand and how close they are to achieving long-held goals. No matter what your objectives, there's no doubt that a sound financial plan will put you in a better position to achieve them, according to the Minnesota Society of CPAs.

2013 tax changes that may surprise taxpayers - 1/5/2014
With significant changes made to the federal and Minnesota tax rules in 2013, the Minnesota Society of Certified Public Accountants (MNCPA) would like to remind taxpayers of the importance of tax planning and understanding how the new rules affect their respective tax situations.

College students home for the holidays? Discuss practical tax decisions - 1/5/2014
The winter holiday break provides a great opportunity for parents and college students to decide who claims whom on their 2013 federal and state tax returns. Surprisingly, it's not just limited to minor children.

Retirement road blocks for baby boomers - 12/15/2013
From now until 2030, about 10,000 baby boomers will turn 65 every day, according to the Pew Research Center. This large generation, born between 1946 and 1964, has had a huge impact on American culture and society, and that remains the same as they head into retirement.

'Tis the season for charitable contributions - 12/1/2013
Along with an avalanche of catalogues and holiday greetings from family and friends, you may also find your mailbox inundated with donation requests from charitable organizations.

How can you cut next year's taxes? - 12/1/2013
Taxes may be the last thing you want to think about at the holidays, but the end of the year is a great time to take some smart steps that can help you minimize your future tax outlays. The Minnesota Society of Certified Public Accountants (MNCPA) provides these ideas for keeping more money in your pocket.

Five questions to ask your CPA before the end of the year - 11/14/2013
Your to-do list is probably pretty full at this time of year. While the thought of adding one more task may feel overwhelming, it's one that can help put your mind at ease this New Year's Eve: Talk to your CPA.

Taking a trip over the fiscal cliff: Expiring tax cuts and deficit-cutting compromise measures leave American taxpayers with lots of uncertainty - 12/17/2012
The term “fiscal cliff” has become a popular phrase among politicians and pundits over the past several months, but what does it mean? If the United States goes over it, will you be affected? The so-called fiscal cliff actually refers to two separate sets of economic events that will take place starting Jan. 1, 2013. If politicians in Washington fail to come to an agreement, a popular set of tax cuts will expire. At the same time, a plan for severe government budget cuts will begin to be phased in. Over the long term, the combined effect would be significant.

Smart tips on charitable giving - 12/3/2012
This is the season of goodwill to all, a time when people take time to think of others. In addition to giving gifts and planning holiday get-togethers, that means many people are also dipping into their pockets to make donations to worthy charities. While that’s a good impulse, it’s important to do your charitable giving wisely. The Minnesota Society of Certified Public Accountants (MNCPA) provides the following advice on ways to make your money the most productive.


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